BlackRock reported a strong finish to 2025 with record net inflows and accelerating organic base fee growth, driven by broad-based strength across its platform and strategic acquisitions.
Record $698 billion of full year net inflows, including $342 billion in the fourth quarter.
positive12% annualized organic base fee growth in the fourth quarter reflects broad-based strength.
positive19% increase in full year revenue reflects positive market impact, organic growth, and contributions from GIP and HPS Transactions.
positive10% increase in quarterly cash dividend to $5.73 per share approved.
positive7% decrease in full year GAAP operating income and 16% decrease in GAAP diluted EPS related to noncash acquisition-related expenses and a noncash charitable contribution.
attention10% increase in full year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count.
attentionOperating margin decreased from 36.6% to 23.7% on a GAAP basis for Q4 2025 compared to Q4 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
BlackRock enters 2026 with accelerating momentum across its entire platform, coming off the strongest year and quarter of net inflows in its history.
Clients entrusted BlackRock with $698 billion of new assets in 2025, powering 9% organic base fee growth.
BlackRock is at the forefront of some of the largest new growth channels across the industry – from private markets to wealth and 401(k), to active ETFs, to private markets data, to digital assets and tokenization.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.